OREANDA-NEWS. January 28, 2007. Russia’s Gazprombank acquired a 80,09% stake in one of the largest Armenian retail banks Areximbank, vice president of Gazprombank Olga Kazanskaya announced.

Gazprombank is currently negotiating with Austria ’s Raiffeisen International to buy the rest of the shares in Areximbank.

The details on the deal were not disclosed. Areximbank is going to be renamed to Gazprombank of Armenia by the end of the year and would be financing energy projects with ArmRosGazprom (company controlling natural gas pipelines from Russia to Armenia).